Testing of App’s wallet payment & money transfer services for customers & merchants underway
CWallet Services W.L.L., has been accepted into Qatar Central Bank (QCB)’s Sandbox Program, allowing the award-winning Fintech startup to test its capabilities to issue mobile phone wallets to customers and merchants over a six-month trial environment. It will also allow CWallet users to pay bills, recharge, and conduct QR code payments to merchants and perform cross border money transfers through its CWallet Mobile Money App. QCB’s endorsement of the trial is provisional upon CWallet issuing its mobile money wallets in partnership with a QCB licensed bank and providing money transfer services via QCB licensed exchange companies.
Accordingly, CWallet has signed a Service Level Agreement with Al Dar Exchange, a pioneering leader in the Qatar remittance and money exchange market. The partnership covers remittance services in C Wallet Mobile Money, regulatory compliance, policy and procedure, cybersecurity and information technology, consulting, and business collaboration, cash-in, cash-out and prepaid card business, as well as VISA Direct connectivity.
The alliance makes CWallet the first and only Fintech Startup in Qatar to have Central Bank approval to conduct cross border remittance transactions for its customers.
“This is yet another great vote of confidence in our institution and adds to the support demonstrated by our total fund raising of over QAR 5 million via bootstrap, grants and angel investment,” commented CWallet CEO Michael Javier. “It also boosts our strategic business partnership portfolio adding Qatar Central Bank and the premier Al Dar Exchange brand,” he added: “These partnerships help to propel us on our mission to become the most multifunctional, and innovative wallet-as-a-service provider.
within Qatar and the region, and expand the mission to deliver beyond the digital wallet landscape.”
Dr. Abdulmohsin Abdulla Alyafei, COO & Co-Founder of CWallet commented: “As a Fintech startup, we strive to offer a significant opportunity to drive Qatar’s economic diversification, one of the four pillars of Qatar’s National Vision 2030. We will endeavour to introduce to the market our best advanced innovative solution, CWallet Mobile Money which will enable our customers to experience an entirely new concept. It will be the talk of the town and will be the ultimate solution for almost everybody.”
“I am really proud of our team that has worked very hard for this achievement. I am confident that this hardworking team will produce more successful accomplishments going forward.”
Jumah Mubarak Al-Maadhadi, CEO of Al Dar For Exchange Works said, “We are delighted to be partnering with the award-winning Fintech startup by signing a service level agreement and this will be a great addition to Al Dar Exchange remittance proposition. Association with CWallet will not just revolutionize money transfer but will also add convenience for the sender as well as the beneficiary.”
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